Broker Conveyancing has reported that instructions for both remortgage and purchase more than doubled between September and October after a fall-off in both during the summer.
The firm says that two-thirds of all instructions it has recently received were for purchase products, while a third represented remortgages.
It believes the broker community is ‘refocusing’ on the price of the conveyancing services they are recommending to their clients.
“Without doubt the summer of 2012 was nothing to write home about in terms of overall housing transaction and conveyancing instruction levels,” said Harpal Singh (pictured), managing director of Broker Conveyancing.
“We certainly saw a fall-back in terms of the number of instructions received however since the start of September, and particularly during October, both purchase and remortgage levels have seen a considerable increase. There are many reasons for this including a far more competitive remortgage market at low LTV levels, a push on from the summer lull and a more concerted effort by some brokers to be as active as possible in the conveyancing sector.
“This is certainly a positive for the marketplace and we have seen a growing number of registrations on our site which will hopefully translate into greater levels of broker-introduced conveyancing business. There are still two camps in the broker sector – those that take it seriously and those that don’t. The challenge is two-fold, to get those that don’t to understand what they can achieve, and to get those that do to change their thinking about their existing suppliers and the value for money they represent.
“We are starting to see evidence that both groups are beginning to understand the benefits of not just recommending a conveyancer but the need to ensure the service is as competitively priced as possible.”